中国核聚变震撼突破！1亿度狂奔1066秒，美国急追却吃尘，能源霸权要变天！ 随着中国的核聚变技术的不断迈进，其已初步形成了从原子核的能量释放到能量的高效利用的全链条的 创新体系，具有较强的自主性和竞争力。 这一突破如同在能源的赛道上掷下了一颗"核弹"，不仅让国内的科学界为之震惊，而且也将国际上的同 行都引为深思。 就如同一台巨大的"磁笼"一样，EAST的内部便演绎出了极致的冰火之歌：用其可达-269℃的超导线圈 产生的强大的磁场，就能将比太阳的核心温度还高了6倍的1亿℃的等离子体都给"牢牢地"地圈了起来。 但要实现真正的千秒级的运行速度，就必然要攻克等离子体与材料的相互作用、对其精密的控制等一大 批尚处于尖端的技术的门槛。经过15万次的攻关和试验积累的宝贵经验,中国的团队终于也突破了高约 束的模稳态的运行的瓶颈,为聚变的发电迈出了从实验室的阶段走向了工程的应用的关键的重要一步.。 其对科学界的突破之处不仅仅体现于对"人工智能"这一概念的突破性解读，也更深刻地体现了对人工智 能的深入思考，更为我们展现了对未来的深刻的见解，真可谓"以眼见为实，出乎意料"！。可通过将海 水中富集的氘提纯为核聚变的燃料来实现，1升的 ...

今天（1日），位于合肥的紧凑型聚变能实验装置BEST项目建设取得关键突破。BEST装置主机关键部件——杜瓦底座研制成功并顺利完成交付，成功精准 落位安装在BEST装置主机大厅内。作为首个进驻主机大厅的关键部件，杜瓦底座的落位安装标志着BEST项目主体工程建设步入新阶段，部件研制和工程安 装将加快进度。 杜瓦底座是BEST装置主机的首个真空大部件，也是国内聚变领域最大的真空部件。该底座直径约18米，高度约5米，总重量400余吨，是BEST主机系统中最 重的部件，将位于整个BEST主机的最底端，用来承载总重约6700吨的主机。 紧凑型聚变能实验装置（Burning Experimental Superconducting Tokamak，BEST）是燃烧等离子体物理实验装置，采用紧凑高场超导托卡马克技术路线，运 用高性能超导磁体、高功率中性束加热、氘氚聚变燃料等新技术，将首次在国际上验证聚变可在真实燃料环境下实现净输出能量，演示核聚变发电。2025年 5月，BEST的总装工作正式启动，预计将在两年后建成，并在全球范围内首次实现聚变能发电演示。到2030年，我们有望通过核聚变点亮第一盏灯。 （总台央视记者 帅俊全 ...

Core Viewpoint - The commercialization of controlled nuclear fusion in China is accelerating, with private enterprises and capital entering the fusion energy sector [1] Group 1: Nuclear Fusion as an Energy Solution - Controlled nuclear fusion is seen as the ultimate solution to human energy problems, simulating the sun's fusion process to generate energy [1] - The process requires three conditions: high temperature (T), certain density (n), and energy confinement time (τE), collectively known as the fusion triple product [1] Group 2: Fusion Technology Routes - Research in nuclear fusion primarily follows two main paths: magnetic confinement and inertial confinement [2] - Magnetic confinement uses strong magnetic fields to contain high-temperature plasma, with major device types including Tokamak, stellarator, and field-reversed configuration (FRC) [2] - Inertial confinement relies on the inertia of particles to achieve fusion before they disperse, primarily using Z-pinch and laser methods [2] Group 3: Project Overview - Notable international projects include ITER (the world's first fully superconducting Tokamak), SPARC (the first high-temperature superconducting Tokamak), and Orion (the first fusion power plant) [3] - In China, key projects are led by major research institutes and private enterprises, including the BEST project (compact fusion experimental device) and the Jiangxi "Spark" project (fusion-fission hybrid reactor) [3] Group 4: Investment Recommendations - The rapid commercialization of the nuclear fusion industry suggests continued attention to catalysts in this sector [4] - Recommended companies include those involved in high-power electronic tubes, vacuum switches, and superconducting materials, among others [4]

2025年10月4日(周六)，日本执政党自由民主党（以下简称"自民党"）将进行总裁（党魁）选举。我们开启了"25年日本自民党总裁选举"系 列报告，目前已发布《 25年日本自民党总裁选举#1：石破首相辞职 》、《 25年日本自民党总裁选举#2：选举流程与日本资产季节性 》、 《 25年日本自民党总裁选举#3：候选人小泉进次郎 》，今后对该事件持续跟踪。2021年自民党总裁选举时，我们曾发表过研究报告，详情 参考《 日本自民党总裁选举：背景、预测与影响 》。2024年自民党总裁选举时，我们发布过7篇报告记录选举的前因后果，详情参考《 24 年日本自民党总裁选举系列报告 》。 本文着重介绍自民党总裁选举的有力候选人之一的高市早苗(TAKAICHI Sanae)。 点击小程序查看报告原文 结论： 我们认为高市早苗为"安倍经济学"的坚定继承者，在经济金融领域的政策中带有"希望货币宽松、日元贬值、财政扩张"的偏好。 我们 认为若高市当选，各类日本资产的价格波动方向或与"安倍经济学交易"基本一致，或会发生日元贬值、日股上升、日债利率平缓上升的走势， 但是从变化幅度来看，考虑到2025年的日本已经同2012年发生了明显的转变 ...

Investment Rating - The report suggests a positive outlook on the commercialization of the nuclear fusion industry, recommending continuous attention to the sector [3]. Core Insights - Nuclear fusion is viewed as the ultimate solution to humanity's energy problems, with the potential for significant advancements in commercialization by 2025 [1][2]. - The report highlights the diverse technological pathways in nuclear fusion research, primarily focusing on magnetic confinement and inertial confinement methods [1][66]. - A detailed overview of both international and domestic nuclear fusion projects is provided, showcasing the collaborative efforts in advancing fusion technology [2][35]. Summary by Sections 1. Nuclear Fusion: The Ultimate Solution to Energy Problems - Controlled nuclear fusion aims to replicate the sun's energy production on Earth, primarily through the fusion of hydrogen isotopes deuterium and tritium [1][8]. - Achieving nuclear fusion requires meeting three critical conditions: high temperature, sufficient density, and adequate energy confinement time, collectively known as the fusion triple product [18][22]. 2. Diverse Technological Pathways - The report outlines two main research directions: - Magnetic confinement, which utilizes strong magnetic fields to contain high-temperature plasma, with devices like Tokamaks and Stellarators [66]. - Inertial confinement, which relies on the inertia of fuel pellets compressed by powerful lasers or particle beams [66]. 3. Overview of Nuclear Fusion Projects - International projects include ITER, SPARC, and the Orion device, while domestic efforts are led by institutions like the China National Nuclear Corporation and various universities [2][35]. - The report details several key projects in China, such as the BEST project and the Jiangxi "Spark" project, highlighting the collaborative landscape of fusion energy development [2][35]. 4. Investment Recommendations - The report recommends focusing on companies involved in high-power electronic tubes, vacuum switches, superconducting materials, and other components critical to the nuclear fusion supply chain [3]. - Specific companies highlighted for investment include Xuguang Electronics, Yingjie Electric, and Guoguang Electric, among others [3][4].

Group 1 - China Fusion Energy Company announced the construction of the "China Circulation No. 4" experimental device in Shanghai, marking the entry into the "superconducting era" of nuclear fusion research [1] - The National Development and Reform Commission and the Energy Administration issued the "Implementation Opinions on Intelligent Development of Controlled Nuclear Fusion," emphasizing the use of AI technology to create intelligent control systems for plasma steady-state operation [1][3] Group 2 - The global competition in nuclear fusion is intensifying, with China's BEST project starting assembly two months ahead of schedule, while the US Helion company signed a global first nuclear fusion power purchase agreement with Microsoft for delivery in 2028 [4] - Japan has updated its "Fusion Energy Innovation Strategy," advancing its commercialization target to 2040, with predictions of over 10 demonstration reactors entering construction by 2035 [4] Group 3 - Wangzi New Materials, through its subsidiary Ningbo Xinyong, has broken international monopolies to become the only domestic producer of nuclear fusion pulse capacitors, with a product lifecycle of 100,000 cycles, supplying the BEST device [5] - Western Superconducting is the only company globally with full-process production capabilities for low-temperature superconducting materials, serving as the exclusive supplier of superconducting wire for the ITER project in China [6][7] - Hezhong Intelligent has overcome three major technical challenges in manufacturing fusion reactor vacuum chambers, achieving 100% domestic production for the BEST project [8] - China National Heavy Machinery Corporation successfully manufactured a thousand-ton TF coil box for the CRAFT project, recognized for its capabilities in large component formation [9] - Antai Technology, a core supplier for the EAST device, contributed to a world record of 1,056 seconds of long pulse operation with its tungsten-copper composite components [10] - A joint venture with an academic team is focusing on Z-pinch hybrid reactor technology, covering major domestic devices and demonstrating significant cost advantages [11]

Core Insights - The article discusses China's advancements in controlled nuclear fusion, highlighting the progress made in the context of the "14th Five-Year Plan" and the "dual carbon goals" [2][3] Industry Developments - By 2025, significant progress has been made in China's controlled nuclear fusion research, with milestones such as the "East Super Ring" achieving plasma stability at 1 million degrees Celsius for 1066 seconds and the "China Circulation No. 3" reaching dual temperatures of 1.17 million degrees for atomic nuclei and 1.6 million degrees for electrons [5][7] - The controlled nuclear fusion industry chain in China is taking shape, involving upstream raw material production, midstream equipment manufacturing, and downstream technology enterprises and research institutions [7] Technological Pathways - Chinese research institutions and companies are exploring multiple technical routes for nuclear fusion, including the "deuterium-tritium" and "hydrogen-boron" pathways, aiming for breakthroughs in controllability and stability [8][10] - The "deuterium-tritium" route, led by national teams like the Chinese Academy of Sciences and China Nuclear Group, focuses on controlled fusion reactions for sustainable energy output [10] - The "hydrogen-boron" route, proposed by New Energy Group, emphasizes cost-effectiveness and safety, with the potential for high efficiency in energy generation [10][12] Collaborative Efforts - The dual-track approach of national teams and enterprises is fostering a collaborative environment to advance the "artificial sun" project, with significant contributions from both sectors [14] - The emergence of "super factories" and "super equipment" in the controlled nuclear fusion field is exemplified by New Energy's "Xuanlong 50U," which has achieved several international firsts in plasma discharge and magnetic field conditions [15] Talent and Ecosystem Development - Strengthening talent exchange and ecological cooperation is crucial for technological upgrades, with New Energy establishing an international and diverse research team and collaborating with over 70 top research institutions across four continents [17] - The ongoing exploration of fusion energy technology, which began in the mid-20th century, continues to be a focal point, with expectations that the maturation of China's nuclear fusion industry will accelerate ecological cooperation and attract more scientific talent [17]

Core Insights - China's controllable nuclear fusion research has accelerated, achieving significant breakthroughs in 2025, coinciding with the conclusion of the "14th Five-Year Plan" and the fifth anniversary of the "dual carbon" goals [1][10] Group 1: Major Breakthroughs in Nuclear Fusion Technology - Three major devices in China's nuclear fusion sector have achieved significant breakthroughs since 2025, including the "East Super Ring" achieving a world record of 1,066 seconds of steady-state operation at 100 million degrees Celsius [3] - The "Chinese Circulation No. 3" achieved a "double hundred degree" operation with atomic nucleus temperature at 117 million degrees and electron temperature at 160 million degrees [3] - The "Xuanlong-50U" experimental device became the first in the world to achieve a million ampere hydrogen-boron plasma discharge and set an international record for magnetic field conditions above 1.2T in seconds [3][6] Group 2: Domestic Innovation and Localization - The "Xuanlong-50U" device has achieved 100% localization, marking a significant milestone in China's nuclear fusion capabilities [5][8] - The device's components, including microwave heating, vacuum chamber, magnets, diagnostics, and detectors, are all domestically produced, eliminating reliance on imports [8] Group 3: Strategic Industry Development - China's nuclear fusion sector is advancing through multiple exploration routes, with institutions like the Chinese Academy of Sciences and China National Nuclear Corporation focusing on the "deuterium-tritium" route, while New Energy Group is pursuing the "hydrogen-boron" route for cost and efficiency [10] - The hydrogen-boron route is favored due to the abundance and low cost of its components, which allows for cheaper electricity generation from fusion [10] Group 4: Collaborative Ecosystem and Government Support - New Energy Group is building a global fusion research ecosystem, collaborating with national research institutes and universities, and engaging with 75 partners across four continents [14] - Local governments are enhancing the nuclear fusion industry layout, with initiatives such as Shanghai's future industry fund and Sichuan's focus on nurturing the entire supply chain [14] - The development of controllable nuclear fusion is seen as crucial for humanity's clean energy future and global competitiveness, with expectations for more enterprises and research institutions to join the effort [14]

Core Insights - The article discusses the advancements and challenges in nuclear fusion research, often referred to as "artificial sun," which aims to provide a clean and sustainable energy source [2][3][6] - The potential of nuclear fusion is highlighted, including its safety, abundant fuel supply, and high energy efficiency, making it a promising alternative to traditional energy sources [2][5] Group 1: Current Developments - Nuclear fusion is being researched through three main technical routes: magnetic confinement, inertial confinement, and magnetic inertial confinement [3] - The establishment of China Fusion Energy Co., a subsidiary of China National Nuclear Corporation, marks a significant step in the country's nuclear fusion efforts [3][8] - The "East" (EAST) and HL-2M devices represent China's leading magnetic confinement fusion research efforts, with EAST achieving a record operation at 120 million degrees Celsius for 101 seconds in 2021 [5][6] Group 2: Challenges and Opportunities - The industry faces three core challenges: maintaining stable plasma combustion, material performance under extreme conditions, and tritium recycling [7][8] - Despite historical setbacks, recent trends show a surge in global investment in fusion energy, driven by the urgent demand for green energy solutions [10][11] - The emergence of several commercial fusion companies in China indicates a shift towards practical applications of fusion technology, with expectations for demonstration applications within the next decade [8][11]

Group 1 - The concept of controllable nuclear fusion has gained momentum, with significant stock price increases for companies such as Hanhua Tong (20% limit up), Zhongzhou Special Materials (over 10% increase), and others [1] - China Fusion Energy Co. showcased its technology and business layout at the 25th China International Industry Fair, announcing plans to build a fusion experimental device in Shanghai named "China Circulation No. 4 (HL-4)" [1] - The National Development and Reform Commission and the National Energy Administration released implementation opinions on promoting "Artificial Intelligence + Energy" for high-quality development, focusing on intelligent control systems for controllable nuclear fusion [1] Group 2 - The global nuclear fusion timeline has accelerated, with Japan's Cabinet Office releasing a revised "Fusion Energy Innovation Strategy" and the U.S. Helion signing a commercial agreement with Microsoft for power purchase starting in 2028 [2] - China's BEST project has commenced assembly two months ahead of schedule, indicating a competitive race in the fusion industry [2] - According to Founder Securities, controllable nuclear fusion may be the ultimate energy solution for humanity, with a promising commercial development outlook and ongoing advancements in domestic and international projects [2]